A low credit score can make it very hard for you to get a personal loan. This can make it hard to get access to money in an emergency or to cover large purchases. Fortunately, there are things that you can do to get past low credit score for personal loan approval.

What is a Bad Credit Score?

FICO scores, one of the most common credit scores, range from 350 to 850, with higher scores being better. A low credit score indicates to lenders that you are at risk of defaulting on loans. In general, a FICO score below 580 is low and can make getting a personal loan harder.

Working with a Low Credit Score for Personal Loan Approval

To improve your chances of getting a personal loan approved, you have a few options. The first is to look at lenders that specifically lend to low-score borrowers. The second is to take steps to boost your credit score. The third is to find someone to co-sign on a loan with you.

Low Credit Score Lenders

If you need money immediately because of an emergency, you’ll be limited in your options, but you’re not out of luck. Many lenders offer funds to low-score borrowers. The caveat is that choosing a low credit score lender means that will be charged a higher interest rate.


    Our take:Lender focused on poor credit, based out of Chicago currently offering loans in 29 statesAPPLY NOWLender: OppLoansCredit ScoreLoan Size/AmountLoan TermAPROrigination Fee350 – 600$500 – $5,0009 – 2459.00% – 199.00%0.00% – 3.00%

This article details how you can apply for a personal loan in a pinch when you have bad credit. Just be sure that you never borrow more than you can afford to pay back in the near future. Low credit score loans’ high-interest rates can make it very hard and expensive to pay back large amounts over the long run.

Build Your Credit Score

The best way to solve the problems associated with a low credit score is to increase your credit score. Making regular payments on your credit cards and loans, reducing your total amount of debt, and increasing the amount of (unused) credit you have can all boost your score.

One of the best ways to boost your credit score is through credit cards. Since credit cards are easily accessible, and you likely already have a few, changing your habits around can boost your credit score quickly.

Get a Co-signer

Finally, the last thing that you may want to think about to get a personal loan if you have a low credit score is to get someone with a good credit score to co-sign the loan. A co-signer agrees to pay the debt if you fail to do so yourself. This can get you a loan or interest rate that you otherwise wouldn’t be able to qualify for.

Of course, you should always pay the debt down yourself. Defaulting on a loan and leaving your co-signer on the hook will ruin your credit score even more – and maybe even your relationship with them!

Bad Credit Isn’t Forever

Now that you know how to get past a bad credit score for personal loan approval, you can focus on improving your financial situation. Paying back your personal loan is the first step in improving your credit score. For more information about what options are available to you with a low credit score, check out the Bad Credit Loans section of our website.


    Our take:Online marketplace to find you a personal loan offer that matches your needsAPPLY NOWCredit ScoreLoan Size/AmountLoan TermAPROrigination FeeAll can apply$100 – $15,0001 – 605.99% – 35.99%Varies by lender

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